The Exchange!

The Exchange is a new business developed by yours truly. At The Exchange we ONLY sell iron, gold, emerald, and diamond. You're probably thinking, "Oh just another store by some kid." -- well you're wrong. The Exchange's prices fluxuate like the stock market in real life. Everyday when I can log on I will adjust the prices by comparing to the amount of stock that I have. At the moment, my stock is low - so please feel free to come by and sell us some of your spare goods.

The Exchange is a new business developed by yours truly. At The Exchange we ONLY sell iron, gold, emerald, and diamond. You're probably thinking, "Oh just another store by some kid." -- well you're wrong. The Exchange's prices fluxuate like the stock market in real life. Everyday when I can log on I will adjust the prices by comparing to the amount of stock that I have. At the moment, my stock is low - so please feel free to come by and sell us some of your spare goods.

The Exchange

SMP 7

Residence: 14955

You buy shtufffffff? Like, any items or what? Just iron, gold, emeralds and diamonds?

Tried it, there's not a lot of interest. Although me and the Gangnam Project Team are speculating about whether we should launch a social ecosystem within EMC which could allow for financial services such as a stock exchange. It's mostly designed, all I need is the go-ahead from the rest of the team. You're welcome to tag along.

Some advice in the selling side of this, purely to assist you.When you're pricing goods like this, you are looking for the equilibrium price, the price where the supply you have equals the demand for your good. At this price, you should make the most profits.By decreasing the price, you are increasing demand, which can cause shortages of your good, which also means the customers that are getting the good are getting it for a cheaper price than equilibrium, meaning you lose profit.By increasing the price, you are decreasing demand, meaning you could have too much of your good and not enough demand for it. Because you are not selling the surplus goods, you are losing profit.

Are you aware of price elasticity of supply and demand?When you change the price of diamonds, for example, you change the demand for diamonds. If you raised the price of diamonds by 20% and demand for your diamonds (from what we could see in your sales statistics) fell by 10%, we describe the demand for diamonds as inelastic.If you raised it by 20% and demand fell by 30%, demand would be elastic.If you raised the price by 20% and demand fell by 20%, demand would be unit elastic.By dividing the percentage change in demand by the percentage change in price, we can find your PED (price elasticity of demand) ratio, which can help you decide how much to change your the price of diamonds.There is something similar relating to supply, though I doubt it could help you in this.